Receiver: All is Not Well at Danny Pang’s PEMGroup

Jeez, that didn’t take long. Just weeks after the Securities & Exchange Commission filed a civil suit against Irvine, Calif.-based money manager Danny Pang and his investment firm, PEMGroup, a court-appointed receiver has ripped Pang, accusing Pang of running the firm like a “personal piggy bank.” The receiver also claimed that the fund had a shortfall of between $400 million and $600 million.

The receiver, Robert Mosier, alleged in a federal court filing that more than $80 million in questionable personal and business expenses were financed by the firm’s investors, including a recent $1 million Disney cruise for the entire staff, the purchase of several jets . . .